Effective altruism solved all the problems of capitalism⁠—until it didn't

It’s hard to argue with the tenets of effective altruism. The movement, which began in the UK in 2009 and quickly spread, particularly among America’s tech glitterati, holds that we should spend our lives trying to help the most people we can, in the most effective ways possible. So far, so laudable.

But the downfall of crypto exchange FTX and its founder Sam Bankman-Fried, one of the most prominent effective altruists, have exposed some of the problems with the thinking behind the philosophy and how it’s being practiced.

One method at the center of effective altruism (EA) urges its followers to make as much money as possible, so that they can devote a large part of their riches to helping humanity: an idea called “Earn to give.”